SPORTS AND CONCERT EVENT TICKET PRICING AND VISUALIZATION SYSTEM
A system and method for selecting inventory pricing for an event at a venue is disclosed. The method comprising determining a rate at which a first inventory of seats have sold for an event at a venue. The method further comprising calculating a demand for a second inventory of seats as a function of the rate at which the first inventory of seats sold, the seats of the first and second inventories being comparable in quality. provides a user interface to one or more client devices that displays the data. The method further comprising calculating a demand for a second inventory of seats as a function of the rate at which the first inventory of seats sold, the seats of the first and second inventories being comparable in quality.
1 . A computerized method for selecting inventory pricing for an event at a venue, the method comprising:
determining, by a computer processing unit, a rate at which a first inventory of seats have sold for an event at a venue;
calculating, by the computer processing unit, a demand for a second inventory of seats as a function of the rate at which the first inventory of seats sold, the seats of the first and second inventories being comparable in quality; and
determining, by the computer processing unit based the calculated demand, a price level at which to sell the second inventory of seats.
2 . The computerized method of claim 1 , wherein the function is a hazard function.
3 . The computerized method of claim 1 , wherein the first inventory of seats is sold for a different event than the second inventory of seats.
4 . The computerized method of claim 1 , wherein the first and second inventories of seats are in the same venue.
5 . A computerized method for selecting inventory pricing for an event at a venue, the method comprising:
receiving a first sales status for a first plurality of seats for an event at a first point in time, the first plurality of seats associated with a first price level;
receiving a second sales status for the first plurality of seats at a second point in time;
comparing, by a computer processing unit, the first sales status and the second sales status to determine a number of sold seats in the first plurality of seats;
algorithmically predicting, by a computer processing unit, a demand for a second plurality of seats as a function of the number of sold seats in the first plurality of seats; and
selecting a second price level for the second plurality of seats, by a computer processing unit, based on the predicted demand.
6 . The computerized method of claim 5 , wherein the function is a hazard function.
7 . The computerized method of claim 6 , wherein the function is a member selected from the group consisting of a monotonic algorithm, a non-monotonic algorithm, an exponential model, a power model, an exponential gamma model, a Weibull-gamma model, and a combination thereof.
8 . The computerized method of claim 5 , wherein the first point in time is a starting on-sale time of the event.
9 . The computerized method of claim 5 , wherein the second price level is lower in price than the first price level.
10 . The computerized method of claim 5 , wherein the second price level is within a price plan.
11 . The computerized method of claim 10 , wherein the price plan has a tiered price level.
12 . The computerized method of claim 5 , wherein the demand is predicted at the first point in time.
13 . The computerized method of claim 6 , wherein the demand is predicted at the second point in time.
14 . The computerized method of claim 5 , wherein the demand is used to prepare an algorithm model.
15 . The computerized method of claim 14 , wherein the algorithm model is used to predict demand for a future event.